DONALD SMITH & COMPANY Investment Strategy

Methods of Analysis, Investment Strategies and Risk of Loss (continued)

Above all, we are concerned with absolute risk. We define risk as loss of principal. We try to control risk by buying stocks at deep discounts to book value and asset value. Risk is further controlled by not investing in any derivative securities. We invest in securities listed on national exchanges, including domestic equities, ADRs of foreign companies and dually- listed companies.

Individual position size limits depend upon client constraints. Typically, we limit any one holding to about 5% of the portfolio at time of purchase and the maximum industry exposure to about 20%. We usually do not buy more than 10% of the outstanding stock of a company.

Our intense balance sheet analysis and focus on asset quality helps to limit the downside risk. Because we concentrate our universe on the lowest decile of stocks based on price/tangible book value, we can devote our resources to a conce...Unlock Full Investment Process Description

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